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Tag Archives: Euro
Eyes Wide Shut as Spain’s Banking System Collapses
As Spain collapses into depression, its banks are holed below the waterline and sinking rapidly, because they are the only remaining buyers of Spain’s sovereign debt. The government, unable to provide state aid to its banks, is desperately bending over backwards to hide the true state of its financial sector.
Posted in Bond markets, Economy, Politics, Uncategorized Also tagged banks, bond market, LTRO, sovereign debt crisis, Spain Leave a comment
Eurozone Governments May Need To Bail Out Municipalities
A lot has already been written about the risk to municipal bond holders in the U.S., as a growing number of states face severe fiscal problems. But local government debt is an even bigger threat in Europe - where it could force governments to assume the debt, putting further pressure on sovereign bond spreads.
Posted in Bond markets, Currency Markets, Economy, Uncategorized Also tagged bonds, EU, Germany, Greece, Italy, municipal debt, Spain, US Leave a comment
Update: Call for A Eurozone Break-up
A rare column arguing that the peripheral countries of the monetary bloc should simply leave the eurozone by decree, has been published in the Institutional Investor. Vincent J. Truglia, Managing Director of Global Economic Research at Granite Springs Asset Management, writes that the flawed structure of the eurozone - which was built for political rather than economic reasons - leaves only two questions: 1) How do you handle the shrinking or dismantling of the Eurozone? and 2) What is the timing of such changes? As the tensions tearing the euro apart will only grow, it's likely that we'll see a lot more articles like this one in the future.
Posted in Bond markets, Currency Markets, Economy, Politics Also tagged EU, eurozone, Italy Leave a comment
The Second Wave of Europe’s Banking Crisis is Crystallizing
As the crisis in the European financial sector deepens, trading patterns are indicating a major sell-off within the next month, if the market breaks out of the flag patterns forming in the MSCI European Financials Index. After all, the ECB’s extension of its liquidity safety net for vulnerable euro zone banks – and the guarantees for troubled banks in Ireland – can only fuel suspicion about skeletons in the closet.
Posted in Bond markets, Stockmarket Also tagged banks, BIS, ECB, EU, financials, Germany, ishares, sovereign debt crisis, US Leave a comment
What A Wicked Game to Play: The Truth Germany Conspires to Hide
Germany’s politicians are up to their necks in fraudulently covering up the true state of their banking system. Getting serious about cleaning up their banks would mean admitting the financial crisis was not all the fault of Anglo Saxon bankers. The price that Germany and Europe as a whole pays for this disingenuousness is likely to be another full-blown banking crisis. Only this time it will be Chancellor Angela Merkel and her colleagues that end up being cast as the villains.
Posted in Companies, Economy Also tagged banks, bond markets, Deutsche Bank, France, Germany, Greece, Hypo Real Estate, Landesbanken, Postbank, UK Leave a comment
Running Faster to Stand Still, Ireland is Going Nowhere Fast
Standard & Poor’s cut to Ireland’s credit rating is hardly a surprise given that Irish debt is estimated to peak at 137% of GDP, against government estimates of about 94%, despite austerity that will have seen the economy contract by around 15% since 2008 by the end of 2010. Many more downgrades can be expected [...]
Posted in Economy Also tagged bond markets, EU, Germany, Greece, Ireland, sovereign debt crisis Leave a comment
Unduly Rosy Indicators Disguise Real Slowdown Headed Germany’s way
Investors, and Germany’s central bank, need to be wary about jumping to the conclusion that the strong growth in the second quarter will continue. The fiscal austerity being implemented in Greece and the other Club Med countries is not yet reflected in the expectations that leading indicators measure, and contrary to media reports, exports to [...]
Posted in Economy Also tagged China, Germany, Greece, Italy, manufacturing, Portugal, Spain Leave a comment
Spaniards and Italians Will Never Accept Greece’s Fate